Granite Construction (GVA) Releases Earnings Results, Beats Estimates By $0.04 EPS
Granite Construction (NYSE:GVA) posted its quarterly earnings results on Friday, February 16th. The construction company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.68 by $0.04, Morningstar.com reports. The business had revenue of $801.30 million during the quarter, compared to analyst estimates of $753.83 million. Granite Construction had a net margin of 2.31% and a return on equity of 6.97%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.40 EPS.
Shares of Granite Construction (NYSE:GVA) opened at $61.94 on Tuesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.88 and a quick ratio of 1.78. The stock has a market cap of $2,470.00, a PE ratio of 38.47, a P/E/G ratio of 2.77 and a beta of 1.30. Granite Construction has a 1-year low of $45.14 and a 1-year high of $68.58.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date is Wednesday, March 28th. Granite Construction’s dividend payout ratio is currently 32.30%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Engineers Gate Manager LP acquired a new stake in Granite Construction in the third quarter valued at approximately $1,491,000. Personal Capital Advisors Corp raised its holdings in Granite Construction by 34.3% in the fourth quarter. Personal Capital Advisors Corp now owns 23,199 shares of the construction company’s stock valued at $1,472,000 after acquiring an additional 5,922 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Granite Construction in the third quarter valued at approximately $289,000. Cortina Asset Management LLC raised its holdings in Granite Construction by 1.3% in the third quarter. Cortina Asset Management LLC now owns 638,475 shares of the construction company’s stock valued at $37,000,000 after acquiring an additional 8,253 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Granite Construction by 8.1% in the third quarter. Wells Fargo & Company MN now owns 390,367 shares of the construction company’s stock valued at $22,622,000 after acquiring an additional 29,217 shares in the last quarter. 96.05% of the stock is owned by institutional investors and hedge funds.
GVA has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Granite Construction from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a research note on Tuesday, January 9th. DA Davidson upped their price objective on shares of Granite Construction to $68.00 and gave the company a “neutral” rating in a report on Tuesday, February 20th. Finally, Cowen increased their price target on shares of Granite Construction from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, January 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. Granite Construction has a consensus rating of “Buy” and an average target price of $69.38.
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About Granite Construction
Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. The Company operates across the nation, serving both public and private sector clients.
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